Allowing full entry of foreign banks seen to boost PHL economy

MANILA — The Philippines expects the full entry of foreign banks can accelerate the growth of the economy especially amidst next year’s ASEAN economic integration, a Palace official said.

Presidential Communications Operations Office (PCOO) Secretary Herminio Coloma Jr. stressed this after President Benigno S. Aquino III signed into law Republic Act 10641 or an Act Allowing the Full Entry of Foreign Banks in the Philippines.

Coloma said the new law is a product of a thorough study and is in line with principles of other countries.